(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 5, 2020 - Planet Ventures Inc.(TSXV:PXI ) ( FSE:P6U) (OTC:PNXPF) (" Planet " or the " Company ") ispleased to announce a non-brokered private placement to raise up to $1million (the " Offering "). The Offering is conditionalupon the Company completing a 5:1 consolidation of its outstandingshares.
The Offering
The Offering will consist of up to 5,000,000 units (the" Units ") comprised of one post-consolidation common share ofthe Company and a common share purchase warrant entitling the holderto purchase a further post consolidation share of the Company (the" Warrants "). The Units are being sold at a post-consolidationprice of $0.20 per Unit. The Warrants will be exercisable for aperiod of 36 months from closing, at a price of $0.25 perpost-consolidation share. Finders' fees may beapplicable on the Offering.
A portion of the Offering may be completed inaccordance with the exemption set out in BC Instrument 45-536( Exemption from prospectusrequirement for certain distributions through an investmentdealer ) (the " Investment Dealer Exemption ").
The Offering is also being offered to accreditedinvestors and existing shareholders of the Company in accordance withthe provisions of the Canadian existing shareholder exemption (the" Existing ShareholderExemption "), as well as to other investorspursuant to other available exemptions. The Existing ShareholderExemption is available to shareholders residing in all Canadianprovinces, other than Newfoundland and Labrador.
Shareholders of record of the Company as at October 15,2020 (the " RecordDate ") are eligible to participate underthe Existing Shareholder Exemption. Any person who becomes ashareholder of the Company after the Record Date is not permitted toparticipate in the Offering using the Existing Shareholder Exemptionbut other exemptions may still be available to them.
Share Consolidation
The Offering is conditional on the completion of a 5:1share consolidation of the Company. Accordingly, the Board ofDirectors has approved the completion of the consolidation,immediately prior to the closing of the Offering, of a shareconsolidation on a five (5) old to one (1) new basis. Currently, theCompany has 222,607,788 common shares outstanding. Upon completion ofthe consolidation, the Company would have approximately 44,521,558common shares outstanding (prior to the closing of the Offering). Theconsolidation is being completed as a condition to the closing of theOffering. The Company will continue to trade after the consolidationunder the name "Planet Ventures Inc.".
The Offering and the consolidation, are each subject tothe approval of the TSX Venture Exchange.
About Planet Ventures Inc.
Planet Ventures Inc. (TSX-V: PXI;FSE: P6U) is an investment issuer listed on the TSX Venture Exchange,that is focused on investing in disruptive companies and industriesthat have high growthpotential. Our unique portfolio driven investment policies provide ourinvestors with access to emerging and high-growth opportunities whileshielding them from any formidable downside.
For more information, please visit our website: www.planetventuresinc.com
" ZulaKropivnitski "
Zula Kropivnitski
Chief Financial Officer and Director
PLANET VENTURES INC.
Tel: (604) 681-0084
Fax: (604) 681-0094
Email: info@planetventuresinc.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Except for historical information contained herein,this news release contains forward-looking statements that involverisks and uncertainties. Actual results may differ materially. Exceptas required pursuant to applicable securities laws, the Company willnot update these forward-looking statements to reflect events orcircumstances after the date hereof. More detailed information aboutpotential factors that could affect financial results is included inthe documents filed from time to time with the Canadian securitiesregulatory authorities by the Company.
The forward-looking statements contained in this newsrelease present the expectations of the Company as of the date hereofand, accordingly, is subject to change after such date. Readers arecautioned not to place undue reliance on forward-lookingstatements.
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